Analysis: The risk of ETH falling below $2000 is increasing, and the technical form and on chain indicators point to the range of $1665-1725 According to BlockBeats, on February 4th, Cointelegraph reported that Ethereum prices are facing further downside risks in February. On a technical level, ETH has entered a typical "Inverse Cup and Handle" breakthrough stage. If the form is completely depleted, the target price points to about $1665, with a downward space of about 25% compared to the current level. From the trend perspective, ETH has broken through the form neck level of about $2960 in January, and then rebounded to test this level but was hindered from falling back. At the same time, it failed to regain its position on the 20th and 50th EMAs, and both have turned into significant upward pressure. The resonance of multiple technical signals has strengthened the expectation of further short-term decline. The data on the chain is also biased towards emptiness. The extreme deviation range of MVRV shows that the potential downward target of ETH is around $1725, and further downward exploration cannot be ruled out. In history, ETH has repeatedly hit or fallen below the lower limit of MVRV before gradually bottoming out and initiating a rebound. At the macro level, the market's risk appetite for cryptocurrency assets has decreased, and some traders are concerned that there may be an overall pullback similar to the past "four-year cycle" in 2026; At the same time, the expectation that the "AI foam" might burst also prompted funds to avoid high-risk assets, which increased the downward pressure on ETH.